Gasoline Supplies Fall 1.2%
U.S. crude oil supplies stayed steady for the week ending Feb. 21, adding on just 100,000 barrels, according to an Energy Information Administration report (link opens a PDF) released today.
After increasing 1.0 million barrels the previous week, this latest report marks the sixth straight week of steady or expanding supplies. Overall inventories have decreased 4% in the past 12 months.
While oil stayed steady, gasoline inventories declined 2.8 million barrels (1.2%) after edging up 0.3 million barrels the week before. Demand for motor gasoline over the past four-week period is down a seasonally adjusted 1.5%. In the past year, supplies have edged up a slight 0.9%.
Over the past week, retail gasoline pump prices increased $0.06 to $3.44.
Distillates supplies, which include diesel and heating oil, expanded 0.3 million barrels (0.4%), exactly offsetting the previous week's draw. Distillates demand for the past four weeks is down a seasonally adjusted 0.1%. In the past year, distillates inventories have shrunk 8.9%.
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